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INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company's income tax expense for the fiscal years are comprised of the following: 

		2019				2018				2017
Current federal income tax		$	2,380,289			$	1,568,308			$	4,619,445
Current state income tax		1,125,539				759,915				929,813
Deferred income tax		799,150				1,531,516				3,109,942			(1)
Income tax expense		$	4,304,978			$	3,859,739			$	8,659,200

⁽¹⁾ Fiscal 2017 includes the impact of TCJA.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred income taxes are as follows at: 

			December 29, 2019				December 30, 2018
Deferred tax assets:
	Allowance for doubtful accounts		$	105,015			$	102,980
	Goodwill and intangible assets		3,764,556				4,320,035
	Workers’ compensation		97,003				85,413
	Contingent consideration		560,001				581,278
	Share-based compensation		278,095				276,552
Deferred tax liabilities:
	Prepaid expenses		(427,166		)		(202,832		)
	Fixed assets		(305,657		)		(292,429		)
Deferred income taxes, net			$	4,071,847			$	4,870,997

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision, reconciled to the tax computed at the statutory federal rate, is as follows: 

		2019						2018						2017
Tax expense at federal statutory rate		$	3,685,913		21.0	%		$	4,495,949		21.0	%		$	4,979,395		34.3	%
State income taxes, net of federal benefit		1,038,380			5.9	%		776,984			3.6	%		610,691			4.2	%
Re-measurement of deferred assets		—			—	%		—			—	%		3,314,037			22.8	%
Equity, permanent differences and other		218,025			1.2	%		(714,845		)	(3.3	)%		(62,318		)	(0.4	)%
Work Opportunity Tax Credit, net		(637,340		)	(3.6	)%		(698,349		)	(3.3	)%		(182,605		)	(1.2	)%
Income tax expense		$	4,304,978		24.5	%		$	3,859,739		18.0	%		$	8,659,200		59.7	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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